Thursday, September 29, 2016

CaixaBank is “centered” in the BPI, and departs from the New Bank – Express

"in the Face of the news published today, the CaixaBank reiterates that no comments on the process of the New Bank, and that is solely centered on offering on the BPI,” he said to the Express, the official source of the Spanish bank. The CaixaBank is the largest shareholder of BPI,with more than 45% of the capital, and have on the table a public offer of acquisition (OPA) on the Portuguese bank. Bloomberg reported on Wednesday, citing sources close to the CaixaBank, the Spanish bank will oppose the purchase of the New Bank by the BPI.

One of the big questions that arises after last week they have been desblindados the statutes of the BIS was to know if the bank led by Fernando Ulrich will present a proposal of purchase for the New Bank. A few months ago, the CaixaBank have given indications to the Portuguese authorities that it would be a candidate seriously to the New Database if the question of the tender offer if persuaded, as reported in the Express last Saturday. But everything indicates that the Caixabank, is less enthusiastic about the idea of being able to buy the old BES. The BPI is, however, one of the four groups that is evaluating the acquisition of the New Bank, in the framework of the sale process is in progress.

On the day that the desblindagem was approved on September 21, Artur Santos Silva, president of the Board of Directors of the BIS, came to reinforce the idea that the bank is interested in the New Bank. “The bank (BPI) is to seriously study this operation and will continue to study it and make decisions. The aspect that today has been resolved allows the bank to take positions when the time comes, and when it is convenient, because it is not locked in capital requirements”, advocated the founder of the BPI.

On the same day, the executive chairman of the bank Catalan, Gonzalo Gortázar stated, in Madrid, that the purchase of the majority of the BPI is an exception to the internationalization strategy of CaixaBank. And he explained why: “the banking sector is not in a time of internationalization, with acquisitions cross-border”. The priority of the CaixaBank, has said the same source, is to complete the BID and move forward with cutting costs to improve the efficiency of the BPI. Go to the New Bank would require the Catalan club to raise money in the market, and this week the CaixaBank reported that it had sold 9.9% of capital held through treasury shares, to fund the OPA. To stay with 100% of the share capital of BPI, would invest approximately €900 million.